COMMERCIAL.

Auckland Star, Volume LV, Issue 169, 18 July 1924, Page 10

COMMERCIAL.

BUTTER AND CHEESE. A SLIGHT SET BACK. A. H. Tumbull and Co. supply a report by Messrs. W. Weddell and Co., giving the top weekly quotations for butter and cheese on the London market. The report says:—You will notice that the butter market has firmed very considerably, and In a month rose from 170/ to ]f»2/. At the present there is a slight set back and lower prices are ruling. We do not think, however, that shippers need be greatly perturbed over the slight fall in valups as we are of the opinion that the market will recover again very shortly. Clioese has ranged from 92/ to 98/ and back again to 94/. The latest quotations show a slightly lower figure and It is possible that quotations will remain about this Ipvpl for some little time. However, we think the general tendency will be for a firming market from the end of the month onwards. The following statistics will, we think, prove of Interest to you:— BUTTER. 1923 1024 Cwts. Cwts. Shipments from N.Z. during June 20,000 25,000 Shipments 10 months to June 30th 1.188,500 1,012,000 Gradlngs for June.. 15,000 22,000 Grading"; HI months to June ;tOth 1,316,000 1,225,000 Butter awaiting shipment 53,000 70,000 CHEESE. Crates. Crates. Shipments from N.Z. during June 58,000 25,000 Shipments 10 months to June 30th 5C4.000 940.000 findings for June.. 19,000 32,000 Graiilngs 10 months to June 30th 1,219,000 1,480,000 Cheese awaiting shipment 12,000 80.000 NEWTON KING, LTD. OVERDUE DIVIDEND PAID. The annual report by the directors of Messrs. Newton King. Limited, for the ' yenr ended April 30. states that the profit ■ and loss appropriation account, including £257 1/7 brought forward from last year, shows a redit balance of £17,064 17/5, from which has to be deducted the preference dividend due April 30, 1923. which was paid in February, 1924, absorbing £11,338 8/9, leaving a balance of £6362 8/8. Out of this the directors have written off the balance of flotation ex-1 penses, amounting to £5963 12/. leaving a bainnce of £862 16/8 to be carried forward. Tho directors express regret that the net profit is not sufficient to enable them, in. addition to overtaking the accumulated arrears, to make payment of the dividend on rhe preference shares, which fell due on April 30 last, and that the ordinary shareholders will again receive no return from ■their Investment. They have, however, to report that the trading results for the last two years have been distinctly good, bnt that Oie financial condition of a section of the farming community has been, and still is, far from satisfactory, but the directors feel confident that all losses which may be reasonably anticipated nave been provided for. INVESTMENT COMPANY. DIVIDEND OF 6 PER CENT. The report by the directors of the Wellington Investment Trustee and Agency Co., Ltd., to be submitted at the annual meetIng on July 29, states that an interim dividend of 3 "per cent for the half-year was paid in Deember, and after making provision for income tax on the year's taxable profits, there Is left a net available profit of £3768 7/11, which the directors recommend should be dealt with as follows:— Payment of a farther dividend of 3 per cent., making 6 per cent, for the year ( £ I860) ; placing £ 1000 to the reserve fnnd, making this account £22,700; to carry forward the balance, £908 7/11.

SALES IN LONDON. < LONDON, Inly Iβ. The following enles Save taken place on the London Stock Exchange :—Bank of Auetralasla, £13 3/8; Bank of New South Wales, £39 10/; National Bank of New Zealand, £0 8/9, ex. div.; Bank of New Zealand, 54/8; New Zealand Loan and Mercantllel Agency (ord-), £91 10/. —{A. and N.Z. Cable.) LONDON WHEAT MARKET. LONDON, July 16. Wheat.—Cargoes, owing to r.ain in Canada, fell from 6d to od. Parcels are quiet at 9d to 1/ decline, re-sellers taking the profits.—(A. and N.Z. Cable.)